Financial News: South Africa Leading Index Remains Stale In May

South Africa Leading Index Remains Stale In May

(RTTNews) - South Africa's leading index remained stable in May after weakening in the previous two months, data from the South African Reserve Bank showed Tuesday.

The composite leading index came in at 105.9 in May, the same reading as in May.

Out of the ten components, six contributed positively to the headline index in May, while remaining four decreased.

The largest positive contributions to the composite leading business cycle indicator resulted from a widening in the interest rate spread and an increase in the average number of hours worked in the manufacturing sector.
On a yearly basis, growth in leading index accelerated to 4.7 percent in May from 4.1 percent in the prior month.

Meanwhile, the coincident index that reflects the current economic activity weakened to 101.9 in April from 103.0 in March. The lagging index also decreased to 94.0 from 95.0.

Yearly, the coincident index showed no variations in April, while the lagging index slid by 2.6 percent.